PURCHASE, N.Y. — Revenue for PepsiCo, Inc. declined 5% during the quarter as the result of structural changes involving beverage refranchisings in China and Mexico and foreign exchange translation. The company said excluding these items, net revenue grew 5% on an organic basis.
For the quarter ended Sept. 8, the company had an income of $1,902 million, equal to $1.21 per share on the diluted common stock, down 5% from $2,000 million, equal to $1.25 per share, during the same quarter of the previous year. Revenue for the quarter was $16,652 million, down 5% from $17,582 million during the same quarter of the previous year.
“PepsiCo is diligently executing the strategy we set forth at the start of the year, and we remain on track to achieve our full-year targets,” said Indra Nooyi, chairman and chief executive officer. “Our disciplined pricing and sustained investment in brand building drove 5% organic net revenue growth reflecting 1% organic volume growth and 4% effective net pricing.
“We remain focused on our five priorities. We will continue to invest aggressively to build our brands, accelerate innovation to drive growth, focus on execution and deliver our productivity agenda while returning cash to shareholders.”
Operating profit for Frito-Lay North America was $917 million, down slightly from $918 million during the same quarter of the previous year. The segment had revenue of $3,269 million, up 3% from $3,173 million during the same quarter of the previous year.
Quaker Foods North America had an operating profit of $154 million, down 13% from $177 million during the same quarter of the previous year. The segment had revenue of $615 million, up slightly from $614 million during the same quarter of the previous year.
PepsiCo Americas Beverages had an operating profit of $837 million, down 16% from $992 million during the same quarter of the previous year. The segment had revenue of $5,530 million, down 7% from $5,947 million during the same quarter of the previous year.
The company as a whole saw income for the nine months ended Sept. 8 decline 10% to $4,517 million, equal to $2.86 per share, which compared with $5,028 million, equal to $3.14 per share, during the same period of the previous year. Revenue for the period was $45,538 million, down 2% from $46,346 million during the same period of the previous year.